Oyo Rooms, Gallery Suites to manage 10,000 Dubai holiday homes
The partnership is valued at $5 billion
India’s Oyo Rooms has signed a partnership with UAE-based IBC Group’s Gallery Suites Vacation Rentals. According to the partnership, the groups will now manage 10,000 premier holiday homes in Dubai.
Oyo was recently backed by AirBnB with a buy-in of nearly $200 million, which follows an $800 million funding round lead by Masayoshi Son’s $100 billion dollar Vision Fund, in 2018.
Short-term rentals are all set to rise and a report released by Skift Research, says that the cumulative bookings market for short-term rentals will rise to an estimated $115 billion in 2019, up 7% from about $107 billion in 2018.
According to the statement released, the properties being furnished and managed by the groups are within locations rated ‘high’ in the ‘occupancy heat map’ used to illustrate demand, in the recent ‘Dubai Holiday Homes Market Review 2019’ report released by Knight Frank
The properties will be in the Dubai Marina, Palm Jumeirah and other such locations, officials revealed.
The partnership is also targeting the 25 million visitors that Expo 2020 will bring in.
By Priyanka Praveen, Hotelier Middle East